Alibaba Invests $193 Million to Buy Chinese Asset Manager Tianhong

Posted by Joachim Bartels | Oct 10, 2013 | Alibaba, Alipay, China, E-Commerce, Ownership Changes of Information Companies | 0 |

Alibaba Group has invested 1.18 billion yuan ($192.8 million) to buy fund management company Tianhong Asset Management Co, Tianhong shareholder Inner Mongolia Junzheng Energy & Chemical Industry Co said in a statement on Wednesday.

The investment provides Alibaba with a 51 percent controlling stake in Tianhong, which is already in a partnership with Alibaba’s online payment affiliate Alipay.

Source: Reuters.com

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Joachim Bartels

Joachim C Bartels is a co-founder, director, head of information resources and Editor-in-Chief of BIIA. In his capacity as Editor-in-Chief he is responsible for the selection of relevant information content concerning industry insights, trends, technological developments, standards and policies impacting BIIA members in particular and the business information industry in general.

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